CIBC Asset Management Inc Buys 2,541 Shares of Elevance Health, Inc. (NYSE:ELV)

CIBC Asset Management Inc grew its stake in Elevance Health, Inc. (NYSE:ELV) by 8.1% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,012 shares of the company’s stock after purchasing an additional 2,541 shares during the quarter. CIBC Asset Management Inc’s holdings in Elevance Health were worth $17,686,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Bank & Trust Co bought a new position in Elevance Health during the 2nd quarter valued at $27,000. PSI Advisors LLC bought a new position in shares of Elevance Health during the third quarter valued at about $27,000. Opal Wealth Advisors LLC purchased a new position in Elevance Health during the second quarter worth about $28,000. Strategic Financial Concepts LLC bought a new stake in Elevance Health in the 2nd quarter worth about $30,000. Finally, Eastern Bank bought a new stake in Elevance Health in the 3rd quarter worth about $31,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Down 1.5 %

Shares of ELV stock opened at $400.78 on Friday. Elevance Health, Inc. has a 1 year low of $397.98 and a 1 year high of $567.26. The company’s fifty day simple moving average is $478.13 and its two-hundred day simple moving average is $514.55. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The stock has a market capitalization of $92.95 billion, a price-to-earnings ratio of 14.61, a PEG ratio of 1.22 and a beta of 0.85.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). The company had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. During the same quarter in the prior year, the business earned $8.99 EPS. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, analysts anticipate that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is presently 23.77%.

Insider Buying and Selling at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. This trade represents a 46.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ELV shares. Barclays cut their target price on Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Argus cut Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Raymond James set a $485.00 price target on shares of Elevance Health in a research report on Friday, October 18th. Morgan Stanley decreased their price objective on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Finally, Cantor Fitzgerald dropped their target price on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $539.20.

Elevance Health Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.